1、专业英语八级（政治财经类阅读理解）模拟试卷 1及答案与解析 0 The European Central Bank left its main interest rate unchanged Wednesday, choosing to put the onus on political leaders to address increasingly dangerous tension in the euro zone. Noting the stress in Europe and signs of flagging economic growth, the central bank pro
2、mised to continue providing banks with effectively unlimited low-interest loans at least through the end of the year. While most analysts had not expected the central bank to cut rates at its monthly meeting on Wednesday, there was growing speculation that the governing council might cut below 1 per
3、cent for the first time in an attempt to restore confidence in the euro zone. The bank and its president, Mario Draghi, appear to have decided to wait at least another month in order to discourage complacency by political leaders. Mr. Draghi and other top central bank officials have repeatedly stres
4、sed that they lack the tools and the mandate to address the underlying problems in the euro zone. Mr. Draghi said the central bank had no “silver bullets“ for what he acknowledged was a worrying situation. “Some of these problems in the euro area have nothing to do with monetary policy,“ Mr. Draghi
5、said at a news conference after the monthly meeting of the banks governors. “I dont think it would be right for monetary policy to fill other institutions lack of action.“ In a statement, Mr. Draghi noted “increased downside risks to the economic outlook“ and said that, judging by futures prices for
6、 commodities, annual inflation rates should fall below 2 percent again in early 2013. By keeping its firepower in reserve for now, the central bank put pressure on political leaders to weave the euro zone more closely together, for example by sharing the cost of bank bailouts and giving up more cont
7、rol over government spending. The central bank may also be concerned that earlier measures intended to calm tensions in the banking system have had unwanted side effects. For example, Spanish banks used inexpensive central bank credit to buy Spanish government bonds. That helped lower the government
8、s borrowing costs but also made Spanish banks vulnerable to the fortunes of their hard-pressed government. While few analysts expected the central bank to cut rates, many still expect a cut in coming months. Mr. Draghi said that a few of the 23 members of the banks governing council had argued for a
9、 rate cut and left open the option of a cut later on. “We will stand ready to act,“ he said. Many analysts said the effect of a cut would be mostly psychological because short-term interest rates are already close to zero. In an attempt to reassure financial markets, the central bank pledged to cont
10、inue providing banks with low-interest credit, but stopped well short of promising another blast of cheap, three-year loans like the ones it offered in December and March. At the news conference, Mr. Draghi seemed to be groping to appear neither alarmist nor complacent. He said the current level of
11、tension was not as bad as it was last fall, or at the end of 2008 after the collapse of the investment bank Lehman Brothers. He said Europe should not take all the blame for slow economic growth in the United States or other parts of the world. But he also described the interbank lending market, whi
12、ch is crucial to the functioning of the financial system, as “dysfunctional,“ and acknowledged anxiety among investors. On Wednesday, the European Commission announced a plan for more coordinated oversight of large banks, in part to prevent problems at one institution from spreading. The plan would
13、shift the cost of bailouts to the banking industry and bondholders, though the measures will not be in place in time to help Spain deal with Bankia. Political leaders seem to be responding to Mr. Draghis call last month for a “bold leap“ toward a more cohesive euro zone. But by keeping rates unchang
14、ed, the central bank appeared to be signaling that it would like to see concrete steps, not proclamations or statements of good intent. “From the E.C.B. perspective, there is likely to be frustration at euro area governments seeming inability to deploy the collective mechanisms they developed,“ anal
15、ysts at Barclays said in a note to clients Wednesday. “The E.C.B.s inaction so far seems to reflect an attempt to put greater pressure on governments to address fiscal and banking issues.“ From The New York Times, June 7, 2012 1 According to Mr. Draghi, president of European Central Bank, which stat
16、ement is TRUE? （ A） The central bank has its own way to deal with the worrying situation. （ B） The central bank has tools to address the problem in the euro zone. （ C） Some of these problems in the euro area have something to do with monetary policy. （ D） Judging by futures prices for commodities, a
17、nnual inflation rates should fall below 2 percent again in early 2013. 2 As the central bank left its main interest rate unchanged, what can political leaders do to address increasingly dangerous tension in the euro zone? （ A） They can weave the euro zone more closely together to address the problem
18、. （ B） They can have more control over government spending. （ C） They can do nothing. （ D） They can wait for a while. 3 What would be the effect of a cut according to many analysts? （ A） It would be effective in addressing the current problem. （ B） It would exert just little influence on the current
19、 situation. （ C） It would be very helpful. （ D） It has no influence at all. 4 Whats the plan announced on Wednesday by the European Commission for? （ A） For helping Spain deal with Bankia. （ B） For shifting the cost of bailouts to the banking industry and bondholders. （ C） For more coordinated super
20、vision of large banks. （ D） For spreading problems at one institution. 5 According to the analysts at Barclays, what does the E.C.B.s inaction so far seem to demonstrate? （ A） It demonstrates the bank is ready to take responsibility. （ B） It demonstrates the bank tries to put greater pressure on gov
21、ernments to address fiscal and banking issues. （ C） It demonstrates the bank is unable to address the issue. （ D） It demonstrates the bank is able to deal with the problem by itself. 5 Weve been hearing that interest rates are “historically low“ for some time now. But how historic are we talking? Ev
22、en Thomas Jefferson would have been surprised to see the most respected debt issuer in the world paying just 1.47% on ten-year notes the lowest in the history of the United States. Record interest rates high or low are generally not a good thing. When they are super high, as they were in the early 1
23、980s, or super low as they are now, something is wrong somewhere. In the early 1980s, the problem was inflation. Now the problem is the weak state of the jobs market in the U.S. and economic chaos in Europe especially Greece and Spain, where crushing debt, high unemployment rates, and low productivi
24、ty are threatening the banking systems. When investors are worried about the economy in or financial stability of their homelands, they gather up their Euros and dollars and park them in the safest place they can find. That would be the U.S. Treasury market. The newest impetus in the so-called “flig
25、ht to quality“: The Bureau of Labor Statistics report Friday morning revealing that nonfarm jobs grew by a meager 69,000 well below expectations. The report tops a series of weak economic releases from around the world, prompting investors to move their investments from assets that do well in strong
26、 economies like stocks and pouring them into safe havens. As a result, the Dow Jones Industrial Average has completely wiped out its gains this year and U.S. Treasuries yields are setting new lows as investors drive up the prices on the securities. But the race to safety began earlier this year with
27、 overseas investors, especially in the most wounded European economies. Greeks have been on the cutting edge, fearing they may wake up one morning and find all their Euros transformed into drachmas which could easily cut their wealth in half. Bloomberg terminals have already created a trading screen
28、 for the Greek Drachma. Spaniards are now going the Grecian route as well, withdrawing assets again, just in case. Currency devaluation is an old tool in the sovereign debt tool box. It wasnt that long ago in 2001 that Argentina shut down the banks for a week. When the Argentines canae back to their
29、 local branches, their money was all there but deeply devalued. And so the fear-of-the-unknown trade is spreading across the continent, driving investors to U.S. Treasuries. These investors dont even care about yield, says James Bianco, president of Bianco Research, a Chicago firm that keeps tabs on
30、 where bonds rates have been and where they are going. “They care about the return of their money.“ So what if the U.S. lost its vaunted triple-A rating last August. And that fiscal cliff we keep hearing about? Its a mole hill compared to what Greece and Spain face. And though U.S. growth may be wea
31、k, at least it exists. Praise the full faith and credit of Uncle Sam. Or, as the wags on Wall Street would say, we are the cleanest dirty shirt. The U.S. is not the only safe haven, but it is the primes inter pares because it is the largest and deepest market in the world. Still, nervous Europeans a
32、re also buying bonds issued by the German and Swiss governments. Yields have actually turned negative on the Swiss five-year note, which means that investors are paying the Swiss for the privilege of lending money to a country that did not adopt the Euro. Its not so unusual these days for short-term
33、 bills to produce negative returns, but a five-year note? Thats a record, says Bianco. Anxious Europeans are also swapping Euros for U.S. dollars or Swiss francs. In theory, the super-low rates here should be good for the economy, encouraging people to borrow money to start or expand businesses, or
34、to buy homes and new cars. But the Federal Reserve has kept rates unusually low ever since the economic crisis began in 2008. That means the current drop in rates is unlikely to do much more for the economy. (If you havent refinanced by now, marginally lower rates are unlikely to push you to do it n
35、ow.) Indeed, the New York Fed reports that household debt continues to decline, falling 0.9% in the first quarter from the previous quarter to $11.44 trillion. From The Times, June 4, 2012 6 According to the passage, what does “the most respected debt issuer in the world“ in paragraph 1 refer to ? （
36、 A） U.S. Treasury （ B） German government （ C） Swiss government （ D） Wall Street 7 According to the passage, what is the cause of the super high interest rate in the early 1980s? （ A） high unemployment rates （ B） crushing debt （ C） low productivity （ D） inflation 8 According to the passage, what do t
37、he investors investing in U.S. Treasuries care about? （ A） how much money they can earn through the investment （ B） the return of their money （ C） the length of their investment （ D） the profit of their investment 9 Why is the current drop in rates unlikely to promote economic growth? （ A） Because t
38、he Federal Reserve has kept rates unusually low ever since the economic crisis began in 2008. （ B） Because people do not want to buy homes or cars. （ C） Because household debt continues to decline. （ D） Because Europeans are also swapping Euros for U.S. dollars or Swiss francs. 9 With all the fuss o
39、ver Obama and Romneys duelling speeches about the economy in Ohio yesterday, an intriguing political yarn hasnt received much attention: early last year, Timothy Geithner tried to get Hillary Clinton to take his job as Treasury Secretary. Its well known that Geithner has long been keen to return to
40、New York for family reasons. (It would be surprising if he hadnt also grown weary of all the criticism hes received, from liberal Democrats as well as Republicans.) In the spring of last year, according to a humdinger of a story by the Washington Posts Ned Martel, Geithner suggested that Hillary cou
41、ld replace him, and the White House took the notion seriously. If Geithner had quit, the Administration would have needed a heavyweight replacement who could be confirmed quickly, and the Secretary of State met both requirements. According to Martel, William Daley, who was then President Obamas chie
42、f of staff, broached the idea of a job-switch with Clinton, and she “expressed cautious interest.“ But a source close to Clinton that Martel quoted had a different take. This person said Hillary “listened respectfully and politely.“ I bet she did. In diplomatic circles that is, in Hillarys circles t
43、o say that the Secretary of State listened to somebody “respectfully and politely“ is really to say that she heard the person out without gagging or tossing her paper weight. Secretaries of State are paid to listen “respectfully and politely“ to Third World dictators who run countries where the U.S.
44、 has military bases, to Afghan warlords who are on the side of the U.S.-backed government, and to former KG.B. agents who are running Russia. Obviously, Bill Daley doesnt fall into any of these categories, but his intimation to Clinton that she might move from Foggy Bottom to 1500 Pennsylvania Avenu
45、e must have been about as welcome as a suggestion that she have an elective root canal. As Secretary of State, Hillary might not have any great policy successes to her credit, but the job has done wonders for her popularity. While Geithner and Obama have been battered for their handling of the econo
46、my, Clinton has been donning her sunglasses and BlackBerry and flying around the globe, burnishing her approval ratings and her credentials for a possible run at the White House in 2016. Clinton has said that she isnt interested in another Presidential bid and that at the end of this year she plans
47、to retire. Theres no reason to doubt her words. But politicians have been known to change their minds and un-retire. Clinton could be another. A couple of years away from it all, with a gig at an Ivy League college, or somewhere similar, and the former First Lady might feel very differently about th
48、ings. She is a Clinton, after all: politics is second nature to her. If nothing else, 2016 is an option well worth keeping open and replacing Geithner could well have closed it off. As Treasury Secretary, Clinton wouldnt have been able to avoid responsibility for the weak economy. And she wouldnt ha
49、ve been able to do anything about it no more than Geither was able to do, anyway. By the start of last year, there was little the Treasury Secretary could do: the 2009 stimulus was running down, and the Republicans on Capitol Hill were blocking virtually anything the Administration suggested. No wonder Hillary didnt show any enthusiasm for Geithners idea, which ran into other objections, as well. The negotiations over the budget and the debt ceiling were getting serious, and, according to Martel, the White House was concerned about a big ch
